Old Tom Capital

Excited to announce we've led an investment round into Lusso Cloud , a brand redefining comfort footwear and carving out a unique position at the intersection of golf, lifestyle, and culture. How did we reach conviction? 1️⃣ Team: Mature Builders and Operators - Co-founder Jon Buscemi is an icon in the footwear industry, with a history of building premium, culture-first brands like Buscemi and Gourmet Footwear. - Rob Dyrdek and his Dyrdek Machine bring unmatched expertise in scaling lifestyle brands with cultural relevance. - Co-Founder Chris Noyes, whose decades of experience in the footwear industry and extensive network bring unparalleled operational discipline. 2️⃣ Positioning: A First Mover in Pre- and Post-Golf Comfort Lusso Cloud has created a new category within the golf market: stylish, comfortable footwear for pre- and post-round wear. While the golf industry has historically focused on performance-driven footwear for on-course use, Lusso recognized an untapped opportunity to serve the moments before and after play. 3️⃣ Growth Strategy: Building Culture and Expanding Across Channels What sets Lusso apart is its disciplined approach to growth. The brand has scaled rapidly by focusing on storytelling and cultural relevance, rather than relying solely on expensive customer acquisition. Collaborations with tastemakers like Malbon Golf, Jones Sports Co., and Jian DeLeon have created sell-out products and elevated Lusso’s profile in both golf and lifestyle spaces. Lusso’s multi-channel approach—spanning direct-to-consumer (DTC), wholesale, and collaborations—offers diverse and scalable revenue streams. Its wholesale business, which includes premium retailers like Nordstrom and green-grass golf accounts not only reduces risk but also allows Lusso to tap into both high-end and mass-market consumers, creating a long-term growth engine. 4️⃣ Brand: A Cultural Powerhouse with Strong Celebrity Backing Lusso Cloud has built a brand that’s more than just footwear—it’s a cultural movement. The product is already a favorite among tastemakers, athletes, and celebrities, with notable endorsements from Leonardo DiCaprio, Kylie Jenner, Oprah Winfrey, and Post Malone. Co-founder Rob Dyrdek has further amplified Lusso’s visibility by wearing the brand on his MTV show Ridiculousness, which generates millions of impressions per month. 5️⃣ Beyond Golf: A Broader Vision While Lusso’s initial success has come from its focus on the golf market, the brand is expanding its reach into other passion categories like surfing, MMA, and team sports. These communities share a need for comfort-driven footwear that supports recovery and relaxation before and after intense activity. By tapping into these lifestyle-driven markets, Lusso is positioning itself as the go-to brand for athletes, enthusiasts, and fans who value functionality and style in their downtime. If you haven’t already, check out Lusso Cloud and get your first pair: www.lussocloud.com

Thanks Cordie Walker for the opportunity to discuss our perspectives on the investment opportunities in golf. Cordie's Golf Science Lab newsletter is fantastic if you're not already a subscriber: https://lnkd.in/gmDqNSxU

Thrilled to announce that we’ve led the seed investment round into Quiet Golf, marking our first check into the fashion/apparel space. Forbes just covered the fundraising announcement: https://lnkd.in/gZ9Z3UwC How did we reach conviction? 𝗧𝗲𝗮𝗺: The group behind Quiet Golf—Christion Lennon, Diego Diaz, Raul Diaz, and Joshua LeVine—bring a unique blend of expertise. With a proven track record of launching and scaling brands outside of golf (which we love for its fresh perspective), we’re confident in their ability to do it again. Their experience spans multiple industries, and their creative, operational, and growth playbooks are top-notch. 𝗚𝗿𝗼𝘄𝘁𝗵 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆: What really caught our attention is the team’s innovative approach to scaling. Rather than relying on expensive, inefficient digital spend, they’re focused on earning premium shelf space—from high-end boutiques and Nordstrom doors to coveted green-grass accounts. It’s organic discovery at its finest, and it’s already driving solid growth. This strategy aligns perfectly with the current shift toward sustainable, brand-led growth in retail. 𝗣𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝗶𝗻𝗴: Quiet Golf has built an extremely strong brand, and that brand is a moat. In a crowded market where product differentiation alone isn’t enough, Quiet Golf has created a brand that stands for something unique—effortless style that marries performance with modern West Coast fashion. It’s not just about technical golf gear; it’s about a lifestyle that resonates far beyond the course. With a clear voice and authentic identity, Quiet Golf has an emotional connection with its audience. This brand equity is a powerful competitive advantage that will be hard for others to replicate, especially in the hybrid space between golf culture and fashion culture, where Quiet Golf is already establishing itself as a leader. 𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺: In the world of startups, ideas are everywhere, but real progress is rare. Quiet Golf has been (quietly) making big strides, consistently hitting revenue goals and doing so profitably—a rare feat at this stage. Their disciplined execution speaks volumes, and we’re excited to support them as they continue to build. If you haven’t already, go grab some gear and see what we’re so excited about: https://lnkd.in/g-mvmDY4

We're excited to announce our participation in Dryvebox's latest funding round. This is our 2nd investment into the company and we are joined by our friends at EP Golf Ventures, the investment partnership between the PGA of America and Elysian Park Ventures. Other notable investors joining us in this round: TMRW Sports, which is launching TGL presented by SoFi and other modern approaches to sports, media, and entertainment, and Golf Digest, the leading golf media publication. The growth of Dryvebox has been phenomenal: - More than doubled the business this year - Already launched 16 new boxes in 2024 (30 total boxes in market) - Collaborations with COBRA PUMA GOLF, Topgolf, Genesis, Lexus, and Malbon Golf - Became the Official Mobile Golf Simulator of TGL, the new team golf league backed by Tiger Woods and Rory McIlroy’s TMRW Sports Proud to back the fastest growing golf entertainment / simulator company in the world. Big things ahead! Read more here -> https://lnkd.in/gaPnTzAT #golfbusiness #golfinvesting #oldtomcapital #oldtomventureclub

Love to see two Old Tom Venture Club portfolio companies coming together. Dryvebox is now the official mobile golf simulator partner of TGL (TMRW Sports). Fan engagement inside and outside of the arena 💪

Startup golf brands should stop trying to build something big and 𝐬𝐭𝐚𝐫𝐭 𝐛𝐲 𝐛𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠 𝐧𝐢𝐜𝐡𝐞. The traditional startup playbook (raise millions from venture capitalists, scale overnight, and build a billion-dollar business) doesn't apply to most golf startups... And that's alright. The golf industry is different. It’s smaller, more specialized, and filled with distinct pockets of consumers. Too many brands try to take on the industry without first owning a niche. The wisest ones build a lifestyle businesses and then 𝘦𝘢𝘳𝘯 𝘵𝘩𝘦 𝘳𝘪𝘨𝘩𝘵 𝘵𝘰 𝘨𝘳𝘰𝘸. Rather than launching with aspirations to cater to every golfer, start narrow, build a strategic niche, and make money 🤑 . Some examples: - Charlie Golf Co: Toddler golf bag brand that speaks directly to the passionate parent (www.charliegolfco.com) - Hanna Golf: Boutique putter company serving gear-heads looking for a premium milled product (www.hannagolf.com - shoutout Jared Doerfler) - Senna Made: Premium leather goods, built to last, targeting a niche of fashion forward golfers (www.sennamade.com - Founded by Matthew Senna) - Off the Deck: Golf entertainment specifically built for the superyacht industry (www.offthedeck.com - shoutout Alex H. and the team) Who else? Start small, build a foundation, then scale—because in golf, a strategic niche can lead to long-term success and a lucrative business. -- What golf brands are starting niche and finding success? Do you agree that starting small is the best way to grow a brand in golf? #golfindustry #golfbusiness #golfinnovation

Announcing our most recent investment: Birdie Houses Old Tom Venture Club, our private investment syndicate focused on golf, is excited to share that we have led a $2M seed round into Birdie Houses, founded by Tom Evans. As golf travel continues to skyrocket, we see a growing gap in the high-end accommodations market, specifically surrounding group travel. Birdie Houses is creating the ultimate lifestyle and experience brand for golf trips, offering luxury rental properties in prime destinations and concierge services to handle every detail, all wrapped in a robust digital content and partnership engine. The company has already created a wide network of partner properties and will be opening its first owned home in Pinehurst in early 2025. Big things ahead! www.birdiehouses.com

The most important term in the golf industry this decade is “golf-curious.” But why does this matter so much? Yes, it’s well-documented that the number of “golfers” has skyrocketed over the past decade, but here’s the critical shift: the profile of today’s player is dramatically different from what we’ve seen in the past. Golf is no longer just an 18-hole, 4-hour, buttoned-up experience on a traditional course with 14 clubs in the bag. Instead, there’s a whole new breed of participants—those who are redefining the game and how it’s experienced. This new demographic, the golf-curious, is looking for something different. To them, traditional golf can feel too time-consuming, overly challenging, expensive, and at times, unwelcoming. Maybe these new players will transition into traditional golf at some point, but maybe they won’t—and here’s the key takeaway: it doesn’t matter. What’s important is that they are still engaging with golf, albeit in their own way, through experiences that better align with their lifestyle and preferences. And the industry must fully embrace this shift. So, if you’re building or running a golf-related company, whether you’re developing a course, launching an entertainment concept, creating apparel, or starting a media platform, you need to be laser-focused on understanding who you’re engaging. The “golf-curious” are a massive, growing segment, and they bring new expectations and habits. Understanding this new player will have a huge impact on: - How they play – shorter, faster formats, social environments, alternative courses. - What they wear – more relaxed, fashion-forward attire that blends golf and lifestyle. - Media they consume – digital-first, bite-sized content that speaks to modern culture. - Their motivation – fun, social interaction, and inclusivity, more than just traditional competition. The bottom line? The future of golf isn’t just about the old guard. It’s about embracing the golf-curious and the multitude of ways they are reimagining the sport. As an innovator or entrepreneur in this space, recognizing and catering to this shift is crucial to staying relevant and growing alongside the evolving game. #golf #golfbusiness #golfinvesting

Topgolf Callaway Brands just announced their intent to separate into two independent companies. Here's our hot take 👇 - The public markets have struggled to value a golf business - there are essentially only two of them, Acushnet and Topgolf Callaway (the 3rd is Sacks Parente which is a stock with a $4.19M market cap). - Each independent company should go private (we would expect this to happen, although the press release states the goal is to maintain two stand-alone publicly companies). - Callaway and Topgolf may share "golf" as a commonality, but the businesses couldn't be more different. Topgolf exists at one end of the spectrum (golf-curious) and Callaway on the other (golf-active). - Topgolf does have a retention problem (which is why same venue growth is down), but there is absolutely an opportunity to make the Topgolf ecosystem stickier for consumers (additional Topgolf concepts into short-courses, par 3s, leagues, and other green-grass, to advance them from golf-curious to something more). - Both Callaway and Topgolf are bluechip golf companies and have huge potential to rise back from the public woes (down 50% from mid-July and 72% from mid-2021). What do you think about this announcement? View the press release: https://lnkd.in/gprs3Hih #golfbusiness #topgolf #callaway #topgolfcallaway

We hear a lot of startups pitch “disruption”, but often the best are those than lean into their industry to collaborate, partner, and provide a platform for others to build and see upside. Great example here from our portfolio company Dryvebox. They are on fire 🔥